Uh, well, actually, this has been some time in the coming, and yet nothing has been done about it, to any real degree, until now.
Case in point is Edward Hugh, writing in 2008, for seekingalpha.com about Spain’s debt problem.
Shortening everything down into a few par’s won’t do Mr Hugh justice, so go check out his columns. And in the mean time check out these charts.
The first compares Spain’s external debt with that of the external debt held by the rest of the world. Spain is fifth.
The second compares lists economies by size nominal GDP. Spain is eighth.